Henry
Boot completes the sale of 491 plots in Coventry to David Wilson
Homes
Henry Boot announces that its land
promotion and planning business, Hallam Land (Hallam), has
completed the sale of 491 residential plots at Pickford Gate,
Coventry to the David Wilson Homes division of national
housebuilder Barratt Developments.
The sale resulted in an ungeared
internal rate of return of 19.4% p.a., with payment phased over
2024 and 2025 including significant recovery of costs for
infrastructure works. It represents further
progress in Hallam achieving its annual sales target of 3,000 plots
and will contribute towards the group's 2024 financial
performance.
Hallam secured an initial planning
promotion agreement with the landowners to promote the wider site,
Pickford Gate, in 2015. A planning application was submitted in
2018, with Hallam achieving outline planning consent in 2021, for a
total of 2,400 homes, of which 25% is affordable housing. The
consent also includes 37 acres of employment land, a primary
school, district and local centres, green open spaces, community
facilities and playing fields.
The project also involved delivering
a new junction on the A45 dual carriageway for which Hallam secured
a contribution towards funding through the Homes England Housing
Infrastructure Fund process. Works on the junction successfully
completed in April 2024.
This is the second sale at the
Pickford Gate site, following the disposal of 247 plots to
Countryside in March 2023. Following this disposal Hallam retains
1,662 plots for future sale.
Newton LDP and Shoosmiths LLP
advised Hallam on this sale.
Tim
Roberts, CEO of Henry Boot, commented: "Our site sale to David Wilson Homes is a significant land
transaction which will enable the delivery of quality homes in an
area where people most need them. The phased sale of plots at our
wider Pickford Gate site is progressing according to plan, where
thousands of homes will be created due to the expertise of our land
promotion business, which can unlock potential in sites across the
country by securing planning permission for residential and mixed
uses."
ENDS
Notes to
editors
Henry Boot is one of the UK's leading
land, property development, home building and construction
businesses - and we've been transforming land and spaces since
1886. Listed on the London Stock Exchange since 1919, we're
renowned for quality, expertise, delivery and a partnership
approach across the group - which comprises, Hallam Land, HBD,
Stonebridge, Henry Boot Construction, Banner Plant and Road
Link.
Operating across the UK, and
employing over 500 people, we focus on three key markets: urban
development, industrial and logistics and residential. Hallam Land
has facilitated 52,000 new homes since 1990, managing one of the
top five largest land portfolios in the country, with the potential
to facilitate over 100,000 homes. HBD manages a development
pipeline of £1.3bn, the equivalent of 7m sq ft of developments
across our key
markets, while maintaining a £113m
investment portfolio, of which 73% of the properties have an EPC
rating of 'C' or higher. Stonebridge, our jointly-owned home
building business, manages a land portfolio capable of delivering
1,500 homes, with an ambition to deliver up to 600 new homes a
year.
Henry Boot Construction has extensive
experience in both the public and private sectors, including major
projects such as the £200m regeneration of Barnsley town centre,
and The Cocoa Works, a £57m residential development in York. For
over 65 years, Banner Plant has supplied construction products and
services, operating from seven regional depots in the North of
England.
We have also developed an ambitious
Responsible Business Strategy to help us meet our aim of being Net
Zero Carbon by 2030, and to deliver, by 2025, charitable, community
and education work valued at £1m.
From land promotion, property
development and investment to home building, construction and plant
hire, Henry Boot is where great places start.
henryboot.co.uk
Enquiries
FTI
Consulting
Richard Sunderland/Giles
Barrie
07894 797067 / 07798
926814
henryboot@fticonsulting.com
Henry Boot PLC
Tim Roberts, Chief Executive
Officer
Darren Littlewood, Chief Financial
Officer
Daniel Boot, Senior Corporate
Communications Manager
07825 088807
dboot@henryboot.co.uk
henryboot.co.uk
Deutsche Numis
Joint Corporate Broker
Ben Stoop
0207 260 1000
Peel
Hunt LLP
Joint Corporate Broker
Ed Allsopp / Pete Mackie
0207 418 8900